Unclaimed benefits; redeposit of proceeds; reversion; return to credit of claimant; lump sum benefits

  1. Law
  2. US Virgin Islands Code
  3. Executive
  4. Retirement of Personnel; Federal Benefits
  5. Unclaimed benefits; redeposit of proceeds; reversion; return to credit of claimant; lump sum benefits

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  • (a) Whenever a person entitled to a payment of a member's accumulated contributions or any other benefit fails to claim the payment or cannot be located or a Miscellaneous Disbursement Voucher is cancelled, the payment due to the member shall be disbursed in accordance with the provisions of this section.

  • (b) Whenever the amount of a benefit payable by this system cannot be determined because the recipient cannot be identified, or information necessary to determination of the benefit to be paid cannot be ascertained, the accumulated contributions of the member, on whose account the benefit is payable, shall be disbursed in accordance with the provisions of this section.

  • (c) The amounts described in subsections (a) and (b) must be held, or if a Miscellaneous Disbursement Voucher has been drawn, the voucher must be deposited in the retirement fund and held for the claimant without further accumulation of interest. The redeposit does not operate to reinstate the membership of the person with respect to whose membership the refund or benefit was payable in this system. If the proceeds are not claimed within four years after the date of redeposit, they shall revert to, and become part of, the reserve established pursuant to section 719(3). Transfer to this reserve shall be made September 30 following the expiration of the four year period.

  • The Board may at any time, after transfer of the proceeds to the described reserve upon receipt of proper information satisfactory to it, return the proceeds so held in reserve to the credit of the claimant, to be administered in the manner provided for under this system.

  • (d) For lump-sum death benefits administered in accordance with subsection (c), where the system has caused notice of the benefits to be published in a newspaper of general circulation for at least three times a week for four consecutive weeks, and that person has not claimed the benefits, payment may be made to the next entitled beneficiary or beneficiaries, upon receipt of valid claims, if two years have passed since the date of death. Payment made by this system in good faith and in reliance on those claims, notwithstanding that it may fail to discover a person otherwise entitled to share in the benefits, shall constitute a complete discharge and release of this system from further liability for the benefits.


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